Atlas Resource Partners provides update on operations, hedging program Atlas Resource Partners has provided an update on its operations and hedging program. Including the acquisitions completed in 2012 and its current drilling plans, ARP is forecasting FY13 net production in a range of 51 Bcfe to 56 Bcfe. The company has the following hedge positions for 2013: Natural gas: approximately 31 Bcf at an average price of $3.89/mcf; NGLs: approximately 165,000 bbl at an average price of $92.69/bbl; Crude oil: approximately 373,000 bbl at an average price of $92.30/bbl. The company anticipates 2013 CapEx of $175M. The company intends to raise at least $150M in investor funds in 2013 and to deploy $190M of investor funds in 2013. ARP expects FY13 limited partnership distributions of at least $2.35 per unit.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Advanced Drainage (WMS) downgraded to Hold from Buy at Deutsche Bank... Atlas Resource Partners (ARP) downgraded to Market Perform at FBR Capital... Brocade (BRCD) downgraded to Neutral from Overweight at JPMorgan... Burberry (BURBY) downgraded to Neutral from Buy at Nomura... CNX Coal Resources (CNXC) downgraded to Neutral from Buy at BofA/Merrill... GameStop (GME) downgraded to Neutral from Buy at BofA/Merrill... Hatteras Financial (HTS) downgraded to Neutral from Buy at Nomura... Infoblox (BLOX) downgraded to Hold from Buy at Needham... Intrepid Potash (IPI) downgraded to Hold from Buy at Vertical Research... Navios Maritime (NM) downgraded on cash burn, weak cash flow at Stifel... Norfolk Southern (NSC) downgraded on valuation at BMO Capital... Pep Boys (PBY) downgraded to Sell from Hold at Argus... Redwood Trust (RWT) downgraded to Neutral from Buy at Nomura... Rex Energy (REXX) downgraded to In-Line from Outperform at Imperial Capital... Swatch Group (SWGAY) downgraded to Neutral from Buy at Nomura... TeleCommunication Systems (TSYS) downgraded to Market Perform at Northland.